Pakistan Raises Petrol to 458.40, Diesel to 520.35 Rupees per Litre

The Pakistani government announced a sharp increase in fuel prices on Thursday, raising petrol by 137.23 rupees per litre to 458.40 rupees and diesel by 184.49 rupees per litre to 520.35 rupees, effective from midnight. The decision, revealed at a joint press conference in Islamabad by Petroleum Minister Ali Pervaiz Malik and Finance Minister Muhammad Aurangzeb, marks the highest rates in the country's history and affects consumers nationwide amid escalating global energy costs.

The hike stems from surging international oil prices triggered by ongoing conflict in the Middle East, including tensions involving Iran that have disrupted supplies through the Strait of Hormuz, a key route for about 20 percent of global oil. Officials noted that Pakistan imports nearly 90 percent of its oil from markets in Dubai and Oman, where crude and diesel prices have exceeded 250 dollars per barrel. Brent crude has remained above 100 dollars per barrel since late February. "The volatility in global oil markets has created a challenging environment," Malik said, emphasizing that the government had no role in the crisis but must now pass on the increased import costs to maintain economic stability.